- Posted: 5:48 PM, November 5, 2010
According to a description of the job from headhunting firm Korn/Ferry International, the new staffer will report directly to SEC head Mary Schapiro and send two reports a year to various Congressional committees.
Applicants must have an undergraduate degree from a "well respected institution," although an advanced degree "is preferred." Pay will be "competitive," although competitive with what it doesn’t say. Korn/Ferry didn’t return a request for comment.
The new "investor advocate" position was created by Congress as part of the sweeping financial reform bill passed in July. Supporters say the investor advocate -- who will run the Office of the Investor Advocate -- will act as an ombudsman to ensure small investors voices are heard amid the megaphones held by big business.
Oddly enough, however, the Korn/Ferry job description says the investor advocate will also be required to appoint his or her own ombudsman within 180 days of being hired. And like the investor advocate, the ombudsman will also be required to write reports to Congress several times a year.
The move is the latest in a series of efforts within the agency to reach out to mom and pop investors. Last year, Schapiro created an Investor Advisory Committee "to give investors a greater voice."
The agency also recently added several high-profile names to the Office of Investor Education and Advocacy, an educational resource for small investors.